Employee Benefit Plans

We work with many different kinds of plans including defined benefit and defined contribution plans. Our team of accountants can assist you in determining what type of service your plan requires. We understand employee benefit plans take a skilled and knowledgeable team to handle the complexity of employee benefit plans. We are constantly finding new ways to make sure we:

  • Provide quality services at a reasonable price
  • Stay ahead of changing regulations and work to prepare your plan for these changes so that your plan remains compliant
  • Utilize time saving audit and accounting techniques such as cloud based tools to increase audit efficiency

Keeping Compliance with DOL and Regulatory Agencies

On August 17, 2006, President Bush signed into law the Pension Protection Act of 2006, which is the most comprehensive pension reform legislation since the Employee Retirement Income Security Act (ERISA) was enacted in 1974.  The Act emboldened the Department of Labor’s already rigid compliance standards governing retirement plans. We can be a resource to help you determine any compliance issues your plan has and help you determine if an audit is required. There are many areas of compliance that the Department of Labor has made hotbutton issues of. Don’t let your plan become deficient which can result in significant financial penalties and fines.


Benefits For Our Clients

Our benefit plan audit procedures are designed more than just to fill your filing requirement needs.  The partners at our firm will be actively engaged each step of the way of our audit. Our membership with the Employee Benefit Plan Audit Quality Center (EBPAQ) provides our ERISA audit specialists with the tools to perform an efficient and effective audit of your employee benefit plan. One of the goals of our audit strategies is to discover cost saving methods for plan administrators and to strengthen controls to protect and safeguard plan assets. – See more at: http://lbgcpas.com/page5.html#sthash.eHVnFcAQ.dpuf

Our benefit plan audit procedures are designed more than just to fill your filing requirement needs.  The partners at our firm will be actively engaged each step of the way of our audit. Our membership with the Employee Benefit Plan Audit Quality Center (EBPAQ) provides our ERISA audit specialists with the tools to perform an efficient and effective audit of your employee benefit plan. One of the goals of our audit strategies is to discover cost saving methods for plan administrators and to strengthen controls to protect and safeguard plan assets.


Benefit Plans That Require an Audit

Generally, you may need to file your 5500 with an Independent Qualified Auditor’s Report if your plan has over 100 employees. If you think your plan might be subject to audit or to determine other compliance requirements, contact us and one of our ERISA audit specialists will be happy to go over the details with you.


Our Firm is Proactive

There are many firms out there who use the summer to fill their schedules with employee benefit plan work. Our firm doesn not wait for busy season to wind down. In fact, we choose to start employee benefit plans as soon as the retirement service provider has the information ready. This takes away the stress of managing your plan’s audit because we are constantly engaged in auditing your plan.

Employee Benefit Plan Services:

  • Defined contribution plan audits – 401(k) plans, 403(b) plans and profit sharing plans
  • Advisory services for your plan
  • Preperation of Form 5500
  • Be a liason for the plan’s compliance with DOL

Lawrence B. Goodman & Company is a member of the